Ito,Ward-8(2),Kol, Kolkata vs M/S. Indus Realty Pvt. Ltd. , Kolkata. on 8 November, 2023
Ltd. (supra) in the context to the pre-amended Section
68 of the Act has held that where the Revenue urges
that the amount of share application money has been
received from bogus shareholders then it is for the
Income Tax Officer to proceed by reopening the
assessment of such shareholders and assessing them
to tax in accordance with law. It does not entitle the
Revenue to add the same to the assessee's income as
unexplained cash credit.